Taxing the money made in Forex market?

Elmira Nancy

Active Trader
Nov 16, 2009
17
0
32
First Question: Do I need to pay tax on the money which I have made in forex Market (Foreign Exchange)? Somebody told me TAX already is included in the pair spread and you don’t need to pay any extra tax! Something like spread betting that is tax free!
Second question: If I have to pay tax on the money made in forex market, How would I pay it? I am full-time employed somewhere else and my current company takes care of taxing my current income. What is the most efficient way of taking care of this extra money?
 

Enivid

Administrator
Staff member
Nov 30, 2008
13,193
551
144
Odessa
www.earnforex.com
The taxation of the Forex income depends on the country you reside in. In most countries (including U.S.) Forex income is a personal income and should be taxed as the personal income.

Spread betting isn't taxed in United Kingdom. But spread betting isn't a traditional Forex trading, so you need to be sure that it's really a spread betting that what you are doing.
 

daniellefr

Active Trader
Jul 2, 2009
54
0
37
Yes, let us know where you are from. Will be easier to figure out what to do in your case.